1,357,421 research outputs found
Will the new stability and growth pact succeed? An economic and political perspective
No full textWhile the Maastricht Treaty establishes the entry conditions for Member States to join the single currency, the Stability and Growth Pact (SGP) aims to make budgetary discipline a permanent feature of EMU. Consequently, the Pact is commonly interpreted as a major building block of EMU's architecture: the SGP ‘must rank as one of the most remarkable pieces of policy coordination in world history. The purpose of this paper is to offer an initial evaluation of the SGP reform. Section Two reviews the main fiscal policy developments in the early years of EMU which were at the basis of the crisis of the SGP ‘mark I'. Section Three describes the reformed SGP and an assessment of its main features. Section Four presents some reflections on the political economy of the EU rules, comparing the new SGP with the Maastricht Treaty and the SGP ‘mark I'. The final section concludes.Stability and Growth Pact, Economic Monetary Union (EMU), Maastricht Treaty, Buti
Notizie sulla famiglia Buti
No full textLa ricerca mira a far luce sulle oscure origini della famiglia di Francesco Buti, personaggio di grande rilievo nella cultura del Seicento: formatosi nell’orbita dei Barberini, passò in Francia al servizio di Mazzarino prima e di Luigi XIV poi, come poeta e librettista delle prime opere che segnarono l’affermazione del melodramma italiano a Parigi. Dalla dichiarazione fatta dallo stesso Buti nel suo testamento, risulta che il padre Giovanni Battista era di Narni. Su tale base è stata condotta un’ampia indagine archivistica che ha portato a qualche significativa acquisizione, specialmente in ordine al definitivo abbandono di identificazioni con altre famiglie Buti. Nel contempo è stata allargata la ricerca nei luoghi che lo hanno visto titolare di assegnazioni e benefici per il suo ruolo di abate e di diplomatico (a Nizors, a Carcassonne a Carpentras) ottenendo elementi di precisazione e di conferma utili alla definizione della sua personalità
Revisiting the Stability and Growth Pact: grand design or internal adjustment?
No full textThe Stability and Growth Pact is under fire. Problems have appeared in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms fare reasonably well. Where weaknesses are found, they tend to reflect trade-offs typical of supra-national arrangements. In the end, only a higher degree of fiscal integration would remove the inflexibility inherent in the recourse to predefined budgetary rules. This does not mean that the EU fiscal rules cannot be improved. However, given the existing degree of political integration in EMU, internal adjustment rather than attempting to re-design the rules from scratch appears a more suitable way to bring about progress. Redefining the medium term budgetary target, improving transparency, tackling the pro-cyclical fiscal bias in good times, moving towards non-partisan application of the rules and improving transparency in the data can achieve both stronger discipline and higher flexibility.sgp, stability and growth pact, Buti, Eijffinger, Franco
The Stability pact Pains: A Forward-Looking Assessment of the Reform Debate
No full textThe Stability and Growth Pact has been under fire ever since it was born.But is the Pact a flawed fiscal rule?Against established criteria for an ideal fiscal rule, its design and compliance mechanisms show strengths and weaknesses. The latter tend to reflect tradeoffs typical of supra-national arrangements.In the end, only a higher degree of fiscal integration would remove the inflexibility inherent in the recourse to predefined budgetary rules.No alternative solution put forward in the literature appears clearly superior.This does not mean that the original Pact of 1997 could not be improved.The debate on the SGP has shown that any reform should aim at overcoming the excessive uniformity of the rules, improving their transparency, correcting pro-cyclicality and strengthening enforcement.The reform of the Pact agreed in 2005 moves in this direction but leaves open a number of issues.EMS;fiscal policy;fiscal rules;Economic and Monetary Union;Stability and Growth Pact
The role of central fiscal capacity in connecting the EU’s domestic and global agendas
No full textThe EU’s domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU’s domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.https://voxeu.org/article/reconciling-eu-s-domestic-and-global-agendasA shorter version of this paper was published in VoxEU (Buti and Messori 2022)
L’“Ercole amante” di Buti e Cavalli: le tecniche di scrittura
No full textUna quindicina d’anni dopo l’occasionale ripresa parigina dell’Egisto (1646), dramma per musica di Giovanni Faustini musicato da Francesco Cavalli (Venezia 1643), un’opera nuova di zecca del grande operista veneziano – l’Ercole amante, tragedia in un prologo e cinque atti di Francesco Buti – inaugura (1662) il grande teatro d’opera costruito dagli architetti modenesi Vigarani nella corte di Parigi. A leggere il libretto, sembra che al Buti – attivo da un ventennio quasi esclusivamente in Francia – manchi la conoscenza e il confronto con la produzione operistica veneziana più recente. Se l’Egisto di Faustini è un frutto della precoce codificazione e del rapido consolidamento della drammaturgia operistica veneziana, l’Ercole amante di Buti manifesta poetiche e tecniche di scrittura molto differenti: così ricca di cori e macchine, d’inserti cerimoniali e coreutici, articolata in cinque atti, concepita in prevalenza per un’orchestra a cinque parti, l’Ercole sarebbe risultato decisamente fuori misura – quanto alla forma e quanto all’organico – per un teatro impresariale veneziano: e infatti non vi venne mai riproposta. Anche la vicenda drammatica appare estranea alle tendenze dei teatri veneziani e alle inclinazioni di spettatori che nel frattempo avevano scoperto, semmai, gli intrecci di soggetto storico, eroico o tutt’al più pastorale.
Sulla scorta delle fonti letterarie che stanno alla base dell’intreccio, il contributo si propone di schematizzare le tecniche di scrittura drammatica dell’Ercole amante e di metterle a confronto con le convenzioni del teatro musicale veneziano di vent’anni prima, esemplificate proprio nell’Egisto
Euro area policy mix: From horizontal to vertical coordination
No full textA new CEPR Policy Insight by Marco Buti and Marcello Messori argues that the forceful policy response of the EU and its member states to the COVID Pandemic, and in particular the move to a more structured ‘vertical’ coordination between national and EU fiscal policies, has led to a more balanced euro area policy mix, which has allowed the rapid absorption of the euro area’s dramatic recession and favoured a strong bouncing back of its economy in the current year.
Moving forward, the authors argue that transitioning to a structured vertical coordination between national and EU budgets would help ensure an adequate fiscal stance for the future, and avoid the overburdening of the single monetary policy
“L’Orfeo” di Buti e Rossi: lo stato degli studi (con alcune osservazioni sulle due versioni dell’opera)
No full textIl contributo cerca di delineare un quadro generale delle conoscenze attualmente in nostro possesso relative all’opera “Orfeo” di Francesco Buti e Luigi Rossi e dei problemi che sorgono affrontando la situazione secondo l’ottica del libretto da un lato e quello della musica dall’altro. Vengono analizzate le relazioni tra i materiali giunti fino a noi (libretto, partitura, cronache e descrizioni dell’epoca) che testimoniano fasi diverse dell’opera e le successive stratificazioni, in qualche modo ancora leggibili nella partitura. Si tenta infine di delineare qualche possibile percorso d’indagine per ulteriori e futuri ampliamenti della storia dell’oper
Clinical use of lenvatinib in combination with everolimus for the treatment of advanced renal cell carcinoma
No full textAlessandro Leonetti, Francesco Leonardi, Melissa Bersanelli, Sebastiano Buti Medical Oncology Unit, University Hospital of Parma, Parma, Italy Introduction: Renal cell carcinoma (RCC) represents 2%–3% of all cancers in adults, and its pathogenesis is mainly related to altered cellular response to hypoxia. Lenvatinib, a novel multitarget tyrosine kinase inhibitor (TKI), represents a therapeutic option, in combination with mammalian target of rapamycin (mTOR) inhibitor everolimus, for the treatment of metastatic RCC (mRCC).Aim: The objective of this article is to review the evidence about the treatment of mRCC with combination of lenvatinib plus everolimus.Evidence review: Phase I studies supported clinical activity of lenvatinib in mRCC. A randomized, Phase II, open-label, multicenter trial demonstrated the clinical efficacy of combination treatment with lenvatinib plus everolimus in patients with progressive mRCC after prior therapy with TKI. Median progression-free survival was improved by 9 months with the combination therapy compared to the single-agent everolimus, with an overall response rate of 43% for the experimental regimen. Lenvatinib plus everolimus appeared to be slightly less toxic than single-agent lenvatinib and more toxic than single-agent everolimus; grade 3–4 adverse events occurred in 71% of patients. Currently, lenvatinib plus everolimus has US Food and Drug Administration approval for its use in mRCC after failure of previous treatment with TKI.Conclusion: The combination therapy with lenvatinib plus everolimus might be a promising choice for second-line treatment of mRCC patients. Based on the results of the Phase II trial, it is possible to speculate that the combination therapy could be appropriate for patients with high disease burden or strongly symptomatic patients. Keywords: lenvatinib, everolimus, evidence-based review, renal cell carcinoma, RC
What is the impact of tax and welfare reforms on fiscal stabilisers? A simple model and an application to EMU
No full textReforms aiming at lowering the tax burden and cutting social benefits may boost efficiency and output, and improve market adjustment to shocks, but, by reducing the size of automatic stabilisers, may also imply less cyclical smoothing. This would be problematic in EMU given the loss of national monetary autonomy. This paper argues that the alleged trade-off between efficiency/flexibility and stabilisation depends on the typology of shocks affecting the economy.taxation, tax reforms, fiscal policy, social welfare, social benefits, fiscal stabilisers, automatic stabilisers, economic and monetary union, EMU, shocks, Buti, Van den Noord
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